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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Cash, cash equivalents and restricted cash [1] $ 37,239 $ 36,406
Accounts receivable, less allowances of $5,600 ($3,744 in 2021) 125,261 98,203
Inventories, net 147,458 114,507
Prepaid expenses 13,283 19,778
Other current assets 4,929 3,217
TOTAL CURRENT ASSETS 328,170 272,111
Property, plant and equipment, net 175,011 149,774
Operating lease, right-of-use assets 10,752 12,400
Goodwill 28,004 28,194
Other intangible assets, net 14,082 12,039
Deferred income taxes 5,320 3,839
Pension asset 619  
Other assets 6,521 10,661
TOTAL ASSETS 568,479 489,018
LIABILITIES AND SHAREHOLDERS' EQUITY    
Trade accounts payable 46,839 42,376
Notes payable to banks 18,098 16,423
Operating lease liabilities, current 1,606 1,986
Current portion of long-term debt 3,018 3,116
Accrued compensation 14,962 13,756
Accrued expenses and other liabilities 17,635 17,522
Accrued profit-sharing and other benefits 9,394 7,947
Dividends payable 1,318 1,301
Income taxes payable 2,465 1,108
TOTAL CURRENT LIABILITIES 115,335 105,535
Long-term debt, less current portion 68,420 40,048
Pension obligation   3,653
Operating lease liabilities, non-current 7,023 8,154
Deferred income taxes 4,165 2,791
Other noncurrent liabilities 14,912 12,737
Shareholders' equity:    
Common shares - $2 par value per share, 15,000,000 shares authorized, 5,127,109 and 4,917,020 issued and outstanding, at December 31, 2022 and December 31, 2021, respectively 13,351 13,185
Common shares issued to rabbi trust, 245,386 and 243,138 shares at December 31, 2022 and December 31, 2021, respectively (10,261) (10,102)
Deferred compensation liability 10,261 10,102
Paid-in capital 53,646 47,814
Retained earnings 460,930 410,673
Treasury shares, at cost, 1,758,901 and 1,685,387 shares at December 31, 2022 and December 31, 2021, respectively (99,303) (93,836)
Accumulated other comprehensive loss (69,987) (61,719)
TOTAL PREFORMED LINE PRODUCTS COMPANY SHAREHOLDERS' EQUITY 358,637 316,117
Noncontrolling interest (13) (17)
TOTAL SHAREHOLDERS' EQUITY 358,624 316,100
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 568,479 $ 489,018
[1] Non-cash investing and financing activities: The Company purchased a new corporate aircraft during the year ended December 31, 2021 with a term loan in the principal amount of $20.5 million. For further information regarding this transaction, refer to Note 7 of the Notes to the Consolidated Financial Statements.